Sunday, June 19, 2011

Sequoia Capital To Double Down On Evernote With Big New Investment

Evernote is as hot as any startup in Silicon Valley, even if they don't get quite as much press. Last year they raised $20 million from Sequoia Capital, on top of the $25 million they'd already raised. The company is profitable with 70 employees, and has revenue of more than $1 million per month. Profitable enough, in fact, that it's rumored they haven't spent a penny of that $20 million venture round. Even so, they're close to raising a new round, we've heard from multiple sources. It'll likely be in the $50 million range, and Sequoia Capital will once again lead. Our guess (and this is only a guess) is that at least some of this new round will be secondary, allowing the founders to take money off the table.